FibraHotel (FIHO 12) Q2 2026 earnings summary

Executive summary

• Largest hotel REIT in Mexico with a diversified portfolio of 84 hotels and 12,300 rooms across 26 states, including leased properties, focusing on risk-adjusted returns and sustainability.

• Portfolio includes leisure, resort/full-service, and city hotels, with 15.4% of rooms in World Cup host cities, supporting outperformance in 2Q 2026.

• Total revenues were Ps. $1,365 million in 2Q 2026, a 0.4% decrease year-over-year.

• Strategic operational realignments and workforce optimization have improved efficiency and reduced payroll costs as a percentage of revenue.

• FIFA World Cup 2026 had a positive but smaller-than-expected impact, with strong RevPAR in major cities but significant demand contraction in Cancun.

Financial highlights

• 2Q 2026 total revenues reached Ps. $1,365M, with EBITDA of Ps. $297M and a margin of 21.8%.

• LTM EBITDA was Ps. $1.1B (21.3% margin); AFFO for 2Q 2026 was Ps. $115M, with a distribution of Ps. $123M (Ps. $0.1555 per CBFI).

• Net debt as of June 2026 was Ps. $4,356M, with a total debt of Ps. $4,942M and an average cost of debt at 8.25%.

• RevPAR for the portfolio increased 6.1% year-over-year in 2Q 2026, driven by a 10.5% rise in average rate, offsetting a 240 bp drop in occupancy.

• Consolidated net income was Ps. $58 million, down from Ps. $137 million in Q2 2025.

Outlook and guidance

• Public sales for The Ritz-Carlton Cancun Punta Nizuc expected to launch by year-end 2026, with opening set for 2028.

• The Ritz-Carlton Cancun, Punta Nizuc project progressing on schedule, with 24% construction completion and Ps. $744 million invested.

• Fiesta Americana Condesa Cancun expected to generate only fixed rent for the full year due to weak demand.

• Management maintains a stable dividend policy and continues to focus on yield maximization, debt reduction, and selective asset acquisitions.

• Real Inn Mexicali to reopen as Holiday Inn in Q3 2026.